“Warsh wants a robust reform of the inflation framework”. This is likely a little way’s out, but expect an adjustment to the historical 2% inflation target at the Fed. The rock and a hard place that Warsh is stepping into is commodity driven inflation in consumer prices, thanks to 20% of the world’s oil still not flowing through the Strait of Hormuz, and a struggling economy driven by AI deflation and accelerating job losses. Cutting rates would help with the latter, but accelerate the former. If we could just raise that pesky inflation target from 2% to 4%, perhaps, that would give the Fed the cover they need to turn the printer on turbo later this year. We’ll see…